Citadel Hires Lazard Freres For Advice On Debt Restructuring
June 4, 2009 at 1:52 PM (PT)
CITADEL BROADCASTING announced in an SEC filing that it is bringing in LAZARD FRERES & CO. to advise it on the best ways to refinance and restructure its debt. The move is the latest in a series of actions to ease the pressure of a considerable debt load.
According to the WALL STREET JOURNAL, CITADEL has spent months trying to avoided default by working with creditors to modify its debt. In MARCH, for instance, CITADEL's creditors agreed to waive its consolidated total leverage ratio requirements for 2009.